Millennial Esports Announces Closing of First Tranche of Non-Brokered Private Placement for $12 Million and Closing of Acquisition of Majority Interest of Eden Games

Millennial Esports (TSXV:GAME) has announced that it has closed the first tranche of its previously announced non-brokered offering of equity of Millennial at $0.70 per equity unit.
As quoted in the press release:

The Company issued 17,316,258 Equity Units for gross proceeds of $12,121,380.
Each Equity Unit is comprised of one (1) common share of Millennial and one-half of one (1/2) common share purchase warrant of Millennial (a “Warrant“). Each whole Warrant will entitle the holder to acquire one (1) common share of Millennial for a period of 24 months from the date of issuance of the Warrant, at an exercise price of $1.20 per share.
The securities issued in connection with the Private Placement will be subject to a four-month hold period, in accordance with applicable securities laws.
The Company expects to close the second tranche of the Private Placement by the end of January 2018.
Eden Games
Millennial used part of the proceeds from the Private Placement to complete the previously announced acquisition of an approximate 82.5% majority interest of Eden Games. Further to the Company’s press release of August 8, 2017, the Company paid EUR6,904,039.72 and issued 4,438,522 common shares of Millennial Esports to securityholders of Eden Games in exchange for acquiring the approximate 82.5% majority interest.
“The acquisition of Eden Games represents a major milestone for Millennial Esports Corp. and demonstrates how the company continues to evolve in parallel with the Esports industry,” said Millennial Esports CEO, Alex Igelman. “Eden’s acquisition secures our position as a leading mobile racing game publisher and in combination with our existing racing IP, including World’s Fastest Gamer, positions Millennial as a leader in global Esports racing.”

Click here to read the full press release.